On July 1, 2022, Sandhill Co. pays $14,880 to Cullumber Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31.

(a)

Journalize the entry on July 1 and the adjusting entry on December 31 for Cullumber Insurance Co. Cullumber uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date July 1Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
choose a transaction date July 1Dec. 31	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount